Force24, the Leeds-based marketing automation platform backed by YFM Equity Partners (YFM), said it had a strong financial performance.
Financial statements filed with Companies House show turnover reached almost £ 3.5million for the year ending December 31, 2020, which is higher than the £ 2.99million recorded the previous year.
Led by Founders, CEO Adam Oldfield and Commercial Director Nick Washbourne, Force24 is a marketing automation platform that enables marketers to deliver personalized marketing campaigns.
A spokesperson said: ‘The company’s latest financial results are in line with its ambitious plans for rapid development following the £ 4.8million investment backed by YFM in November 2020.
“Since YFM’s investment, the award-winning company has seen its employees increase by 120% to a team of 93 people, and has hired several senior executives, including the appointment of a new CFO, a director of customer success and a president. Its customer base also grew by 33% with the addition of over 100 new customers, including a number of leading companies such as Checkatrade, Welcome to Yorkshire and Pentagon Motor Group. The company sent over 900 million marketing emails in the past year alone. “
Mr Oldfield said: “This has been another year of strong growth for us as we continue to strengthen our position as one of the leaders in marketing automation in the UK. After working closely with our customers to navigate our way through the initial disruption after the first lockdown, we have proven our ability to support their digital transformation with the accelerated move online due to the pandemic. Force24 has a unique product and a great team as well as a supportive investment partner by our side who truly understands the industry, shares our philosophy and believes in our vision.
Matt Cox, CFO, added: “The financial results for 2020 were in line with our expectations, showing good revenue growth of 17% year on year. This is explained by a strong acquisition of new customers, up 40% compared to 2019, which is particularly encouraging given the significant impact of the pandemic, and the result of our continued focus on improving customer satisfaction and loyalty.
“Since obtaining YFM’s support, significant investments have been made in key areas of the business, which has helped strengthen our teams, particularly in our customer success, sales and engineering functions,” as well as the appointment of key management positions.
Mike Clarke, Partner at YFM and Force24 Board Member, commented, “With our portfolio experience in supporting SaaS enterprise scale-up, we immediately recognized the potential of Force24 and knew that we had the skills to help its rapid growth trajectory. Already, the company is on track to achieve market-leading SaaS metrics for customer retention and revenue growth – we expect another solid year to come. “